Île-des-Soeurs, October 5, 2005 – Based on the statistics released by the Greater Montréal Real Estate Board (GMREB), 3,766 properties were sold by real estate agents who are members of the GMREB in September 2005, a 9% increase compared to the 3,450 sales recorded for the same month last year. This is an all-time high for a month of September, following August, which was also an all-time high.
During the same period, the average price of a single-family home sold through the GMREB S.I.A.®/MLS® system was $205,000, a 5% increase compared to the $195,000 volume recorded in September 2004.
“Many people ask us if it is the right time to sell or buy”, says Michel Beauséjour, FCA, Greater Montréal Real Estate Board Chief Executive Officer. “Our statistics show that yes, it still is the right time to buy or sell since the positive key elements are still present: low interest rates, job creation, consumer confidence in the economy, very affordable average prices and an interesting choice of properties for sale”.
In September 2005, the sales volume was 17% higher, reaching $776 million, compared to $665 million in September 2004. For the period ending last September 30, there were a total of 30,754 active residential listings on the S.I.A.®/MLS® system, while there were 26,902 during the same month
last year, an increase of 14%. Here are the average prices of single-family homes sold in September 2005 when dividing the territory into administrative regions:
- Montreal: $325,000 (-1% compared to September 2004)
- Laval: $205,000 (+3%)
- Montérégie: $187,000 (+7%)
- Laurentians: $186,000 (+15%)
- Lanaudière: $151,000 (+9%)
“The average price decrease in Montreal is primarily the result of the larger number of more expensive properties sold on the West-Island in September 2004, compared tothis year. For example, in September 2004, three sold properties totalized $8 million, while this year, the three most expensive homes totalized $3.7 million”, explains the GMREB spokesperson.
This is not necessarily a true indication of the actual price of single-family homes in all areas and districts of the Greater Montreal area, but rather an indication of the trend in the average cost of properties located in the areas covered by the GMREB.
A very good third quarter
From July to September 2005, 10,349 properties were sold through the GMREB
S.I.A.®/MLS® system, compared to 9,549 for the same period in 2004, which brings us to a total of 38,790 sales since the beginning of 2005. The third quarter is ending with a total sales volume of $2.1 billion, a 17% increase compared to the $1.8 billion recorded for the same period in 2004. Since January, sales have totalled $7.8 billion.
For the months of July to September, the average price of a single-family home sold through GMREB members was $204,000, a 5% increase compared to $194,000 for the third quarter of 2004.
For further information: Linda Grondin
Assistant Director,
Communications, Industry Relations and Legal Affairs
Greater Montréal Real Estate Board
www.notwithoutmyagent.com
Tel.: (514) 762-2181, extension 130
Email: linda.grondin@gmreb.qc.ca
